Chris and Kris Co. had 1,161 shares of common stock outstanding on January 1, 2019. On

April 1, 2019, it repurchased 120 shares of common stock. Outstanding all year were 10

shares of nonconvertible cumulative preferred stock. Ute reported net income of $1,340 for

the year ended December 31, Year 2. Ute Co's board of directors declared $118 in

preferred dividends during Year 2

In its December 31, Year 2, income statement,

what amount should Ute report as basic

earnings per share? (Round to the nearest penny.)